REITS vis-a-vis Budget 2015-16
REITs /InvITs – Brief Background: In the Finance Bill 2014-15, the Hon’ble Finance Minister first introduces the concept of Real Estate Investment Trust (REITs) and Infrastructure Investment Trusts (InvITs). Subsequently in September 2014, the Securities Exchange Board of India, came out with detailed Regulations as to the functionality and governance of these Business Trusts i.e. SEBI (Real Estate Investment Trust) Regulations 2014 and SEBI (Infrastructure Investment Trust) Regulations 2014. Ms. Deepika Vijay Sawhney Partner +919818316936 deepika@indiacp.com Since the promulgation of the aforesaid regulations, despite of high market interest, the Country has not witnessed any registration or initiation of registration of these business trust with SEBI, the same being due to less clarity on the taxation as well as disadvantageous tax position of the Sponsor/promoter of these Trusts. Owing to the industry representation, the Hon’ble Finance Minister in its Finance Bill 2015-16 h...